Conflict over inheritance resolved: Lachlan Murdoch gains control of media conglomerate
Murdoch Family Reaches Deal Over Media Empire, Selling Shares for $1.37 Billion
In a landmark decision, the Murdoch family has reached an agreement regarding the control of their global media empire. The deal, announced on Monday, involves the sale of approximately 31.1 million shares in both Fox Corporation and News Corporation.
The media group, one of the most high-profile global media groups, includes Fox News and the Wall Street Journal. The sale of about 16.9 million shares of Fox Corporation's Class B voting stock and about 14.2 million shares of News Corporation's Class B common stock was part of the deal.
The children of media mogul Rupert Murdoch, James Murdoch, Elisabeth Murdoch, and Prudence MacLeod, are expected to receive approximately US$1.1 billion each from the sale. Lachlan Murdoch, the politically conservative eldest son of Rupert Murdoch, will cement his control of the media empire.
The resolution of the family brawl puts to rest questions of succession within the Murdoch family after Rupert Murdoch's death. The shares were sold at a roughly 4.5% discount to the last closing price of both companies.
The agreement does not affect Lachlan Murdoch's control of the media empire, nor does it involve any other assets or properties outside of Fox and News Corp. The total amount raised from the sale is around US$1.37 billion.
The exact amount each child receives may vary due to differences in their holdings. The sale raised funds that will likely be used to expand the media empire further.
The drama within the Murdoch family has been an inspiration for the television series Succession, a show about the infighting of the members of a media dynasty. The real-life resolution of the drama preserves the conservative tilt of Murdoch's media outlets.
Despite the sale, the media empire remains in the hands of the Murdoch family, ensuring its continued influence in the global media landscape. Further details about who ultimately buys the personal shares of Rupert Murdoch's children in Fox and News Corp, and the amount of money involved in such a transaction, are not yet available.
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